Why Shares of PayPal Rival Payoneer are Trading Higher Today By Investing.com

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Why Shares of PayPal Rival Payoneer are Trading Higher Today

Published Oct 08, 2022 00:44

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Why Shares of PayPal Rival Payoneer are Trading Higher Today

TRGP

+2.17%

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LNTH

+7.56%

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PAYO

+0.59%

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US500

+0.41%

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+1.82%

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MID

+0.44%

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By Senad Karaahmetovic

Payoneer Global (NASDAQ:PAYO) shares are trading more than 6% higher today on news the company will be added to the S&P SmallCap 600 index on October 12.

Payoneer will replace Lantheus (NASDAQ:LNTH), which is being transferred to the S&P MidCap 400, which in turn is replacing Targa Resources (NYSE:TRGP) which will join the S&P 500.

Companies that are being added to S&P indexes tend to see their shares trade higher upon the announcement of their inclusion. This way, shares of these companies gain higher exposure, given that S&P indexes are widely tracked by institutional investors.

As for Payoneer, Goldman Sachs analysts recently reiterated a Buy rating on shares after meeting the company's management. The analysts have an $8.50 per share price target on PAYO shares.

"[Management] sees strong momentum in their core business, feels confident about their ability to execute and manage through various macro headwinds in the business, and is also well positioned to benefit from higher interest rates and expanding margins in the coming quarters," the analysts wrote in a client note.

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S&P/ASX 200	7,199.00	+4.10	+0.06%
ASX 200 Futures	7,203.5	-7.0	-0.10%
ASX All Ordinaries	7,410.20	+4.60	+0.06%
US 500	4,598.3	-6.1	-0.13%
Dow Jones	36,247.87	+130.49	+0.36%
China A50 Futures	11,390.0	+72.0	+0.64%
Dollar Index	103.700	+0.067	+0.06%

Crude Oil WTI	70.66	-0.57	-0.80%
Natural Gas	2.388	-0.193	-7.48%
Gold	2,009.65	-4.85	-0.24%
Silver	23.203	-0.073	-0.31%
Copper	3.7988	-0.0317	-0.83%
US Sugar #11	22.71	-0.65	-2.78%
US Coffee C	176.85	-0.30	-0.17%

Australia 10Y	4.350	+0.005	+0.12%
Australia 5Y	4.012	+0.005	+0.12%
New Zealand 10Y	5.005	+0.037	+0.75%
U.S. 10Y	4.261	+0.014	+0.33%
Japan 10Y	0.757	-0.019	-2.45%
China 10Y	2.682	-0.005	-0.20%
Singapore 10Y	2.938	+0.010	+0.34%

CSL	267.75	+0.83	+0.31%
Woolworths	36.050	+0.280	+0.78%
ANZ Holdings	24.610	0.000	0.00%
Commonwealth Bank Australia	106.940	+0.500	+0.47%
Telstra Group	3.830	-0.010	-0.26%
National Australia Bank	29.300	+0.100	+0.34%
BHP Group Ltd	47.540	-0.200	-0.42%

Why Shares of PayPal Rival Payoneer are Trading Higher Today

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